How high can a score go without a loan?

[Anonymous]

I had student loans back in the 1990s, good payment history, etc. I paid them all off by 2005, and they stayed on my report until 2015 but my credit was poor back then so I never quantified the benefits they gave to my score.

Those are the only loans I've ever had in my life. No auto loans, no mortgages, no personal loans. I've never needed one, but I am likely to apply for a mortgage sometime in the next 3 years.

My question is, how high can a score be without any kind of loan? My report consists entirely of credit cards, and young ones at that. Can a person reach the 760-800 range if there are no derogatories and very low utilization/AZEO? Or do I absolutely need to open an installment loan of some kind?

[Brian_Earl_Spilner]

There are reports and interviews online of people that achieved an 850 with a single credit card open.

[Anonymous]

But can those stories be real? Thank algorithm isn't really designed to essentially start at 850 and take points away. Although, perhaps if one has a single card for 30 years with perfect history? Hmmmm. Curious. 

[Brian_Earl_Spilner]

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@Anonymous wrote:

But can those stories be real? Thank algorithm isn't really designed to essentially start at 850 and take points away. Although, perhaps if one has a single card for 30 years with perfect history? Hmmmm. Curious. 

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Time is what gets you to 850. The articles I read were from legitimate financial websites. I believe one was Forbes, but they were a couple of years ago so I wouldn't be able to link them because I don't remember.

[Ugenie7]

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@Brian_Earl_Spilner wrote:

There are reports and interviews online of people that achieved an 850 with a single credit card open.

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Until recently I was at 850 with a single card I've had for 17 years and a newer card at 2 years.

I don't know for sure if I reached 850 with the single card as I hardly ever purchased my score.

[gdale6]

I have no open installment loans and am north of 790 and 800 on EQ, last one closed in 2014. They are not necessary to attain the higher Ficos once your rebuild is successful and sufficient time has passed.

[SouthJamaica]

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@Anonymous wrote:

I had student loans back in the 1990s, good payment history, etc. I paid them all off by 2005, and they stayed on my report until 2015 but my credit was poor back then so I never quantified the benefits they gave to my score.

Those are the only loans I've ever had in my life. No auto loans, no mortgages, no personal loans. I've never needed one, but I am likely to apply for a mortgage sometime in the next 3 years.

My question is, how high can a score be without any kind of loan? My report consists entirely of credit cards, and young ones at that. Can a person reach the 760-800 range if there are no derogatories and very low utilization/AZEO? Or do I absolutely need to open an installment loan of some kind?

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You do not need an installment loan to have a very high FICO 8 score.

[Revelate]

Yes can reach 850 (or real world max on earlier than FICO 8 scores) with just revolving tradelines.

It just takes longer in the time domain.  Ultimately I'd play reindeer games with an SSL, especially prepping for a mortgage 3 years out.

I had a ton going on this latest mortgage but one thing I wasn't worried about was my revolving utilization... 765 vs 782 /shrug.  I don't think a 850 is required at all and probably never will be but ultimately having a buffer helps and that's why it's in everyone's interest to put as much lipstick on the pig as possible.

[Jnbmom]

And honestly, high 700's get you the same rate as being at 800.

[GmbH]

I got up to 843 with 4 credit cards, never had any type of loans, mortgages etc. I will probably hit 850 by the end of this year since then I wil be at 13 years of total credit history.